Press Releases


<i>- The acquisition is the first made on behalf of BPG’s Fund IX –</i><p> <p><b>PHILADELPHIA, PA. – (February 28, 2012) – </b>BPG Properties, Ltd., one of the nation’s leading private equity real estate fund managers, announced today that one of its affiliates has acquired Lincoln Towne Centre, a 223,605 square foot, Class A office complex in downtown Scottsdale, Arizona, for $34,250,000 from Lincoln National Life Insurance Company. The acquisition is the first that BPG has made on behalf of BPG Investment Partnership IX, L.P., its newly formed value-add real estate fund. The complex is presently 67 percent leased to major credit tenants such as CNA National Warranty Corporation (NYSE: CAN) and EMC Corporation (NYSE: EMC). </p> <p>“The transaction provided us with the opportunity to acquire a quality office complex in the highly desirable Scottsdale submarket of Phoenix at a price substantially below replacement cost,” commented Jonathan Praw, Vice President and head of BPG’s West Coast Regional Office who oversaw the transaction for the firm.</p> <p>The seller was represented in the transaction by Jerry Noble, Pat Devine and Greg Mayer of CB Richard Ellis. The buyer has named them as the exclusive leasing agents for the complex. </p> <p>Lincoln Towne Centre was originally built in 1999. It consists of two, five-story office towers with below grade parking for more than 800 cars. Located at the intersection of Drinkwater Boulevard and Indian School Road, the complex enjoys easy access to the Loop 101 and is directly across from the Scottsdale City Hall. It is also in close proximity to the nearly 2 million square foot Scottsdale Fashion Square, the Scottsdale Waterfront development and the W Hotel, providing a 24/7 environment within walking distance to numerous retail amenities, restaurants, hotels and condo and apartment homes. </p> <p>Lincoln Towne Centre is the second acquisition BPG has made in the Scottsdale submarket of Phoenix, Arizona. In 2008, the firm acquired on behalf of BPG Investment Partnership VIII, L.P. Scottsdale Financial Plaza I, a 107,135 office building located less than ½ mile from Lincoln Towne Centre. Since acquiring the property, BPG has made significant capital improvements and increased occupancy from 78 percent to its current occupancy of 97 percent. </p> <b>About BPG Properties, Ltd.</b><br> BPG Properties, Ltd. is one of the nation’s leading private equity real estate fund managers. BPG’s portfolio consists of over 24 million square feet of office, retail, student housing, and industrial properties and more than 18,000 apartment units in over 70 communities located throughout the United States. The firm is headquartered in the Philadelphia area with regional offices in Los Angeles, Chicago, Washington DC, Boston, Atlanta and Raleigh-Durham. For additional information, please visit the company’s website at <p> <b>For additional information on BPG Properties, Ltd., please contact:</b><br> Joseph G. Nahas, Jr., Vice President, 215-575-2363 <p> <b>For additional information on the property, please contact:</b><br> Jonathan Praw, Vice President, 310-725-8435.